How Artificial Intelligence (AI) will Change the Retail Industry

Artificial Intelligence is the hottest and most promising development in the tech landscape for a couple of years, now. According to the market firm Tractica, global AI revenues will see a massive growth from just USD 643.7 million in 2016 to an excess of USD 36.8 billion in 2025.

In conjunction with IOT developments, many market segments, industries, and businesses are actively interested in AI and are seeking to engage with this technology for business benefits and in the retail sector to re-engage with customers.

AI offers companies the power to reduce costs and make the shopping experience much more delightful and efficient for the end consumers. The retail sector is actively seeking options that will revitalise the industry. Failure to do so will see a continual decline in customer engagement- particularly with an ever-increasing online presence. Robotics and AI offer solutions and progressive retailers will be engaging more and more in an effort to re-engage with their customers.

The Retail-AI Syndicate

According to Global Market Insights, investments in AI by retail segment will exceed USD 8 billion by 2024. As more applications for machine learning, predictive analytics and deep learning technologies are experimented with success, digital disruption in retail segment is bound to happen at a much rapid pace.

Globally, AI experts believe that the technology offers a wide range of applications for the retail segment. In the coming year, retail will see greater infusion of AI-based solutions in day-to-day operations. AI will definitely change the customer service cycle in retail and both retailers as well as the consumers are bound to benefit from the AI-Retail syndicate.

Robotic/digital assistance will be a reality

Using AI, smart analytics and natural language processing technology, retail stores can give customers the power to get instant support, inside the stores. By placing robots and touch panels, stores can help customers locate an item, get answers to their queries and find out how a product can make their life easier.

With the help of customer service bots powered by AI, stores can reduce their manpower costs and provide 24×7 assistance to the customers. Not only will it improve customer service levels but will definitely attract more buyers to the store.